To note attendances, including Officers and any apologies for absence.

Apologies for absence were received from Councillor Dillon.

A maximum of 15 minutes will be allocated to public questions submitted in writing to Democratic Services (democratic.services@trafford.gov.uk) by 4 p.m. on the working day prior to the meeting. Questions must be relevant to items appearing on the agenda and will be submitted in the order in which they were received.

It was noted that there were no questions to be considered at the current meeting

To receive and if so determined, to approve as a correct record the Minutes of the following meetings:

RESOLVED – That the Minutes of Extraordinary Meeting and of the Meeting held on 23^rd and 29^th July 2019 respectively be approved as correct records and signed by the Chair.

To receive a paper from the Council’s External Auditor.

Ms. K. Murray (Mazars) was in attendance to introduce and draw Members’ attention to key features of the Annual Audit Letter for Trafford Council for the year ending 31^st March 2019. An opportunity was provided for Members to raise queries on the Letter’s content. These concentrated on the publication of the Local Authority Financial Resilience Index. Officers explained that this would be published in the next couple of weeks. Members queried whether there had been significant differences of data in the last four years with regard to the risk associated with the Valuation of Property, Plant and Equipment. Auditors explained that Trafford’s accounts included a yearly revaluation of assets; the issue addressed this year was to ensure that the correct information was utilised to establish property values. The Committee also sought and received clarification with regard to Council’s use of reserves and the importance of delivering saving plans.

The Committee requested to view the Local Authority Financial Resilience Index as soon as this was complete.

RESOLVED – That the content of the Annual Audit Letter for the year endng 31^st March 2019 be noted.

To consider a report of the Council’s External Auditor.

Ms. K. Murray (Mazars) was in attendance to highlight for Members the key features of the external auditors’ Audit Progress report as at October 2019. The report also set out details of proposed planning for the 2019/20 audit; and of a range publications which might be of interest to the Committee’s Members in undertaking their role.

RESOLVED – That the content of the Audit Progress Report as at October 2019 be noted.

To consider a report of the Corporate Director, Finance and Systems.

The Corporate Director of Finance and Systems submitted a report which set out for Members’ information significant aspects of the Council’s insurance performance for the year 2018/19. An opportunity was provided for Members to raise issues in relation to the report’s content, which focussed on the increase in the number of successful claims. Officers explained that the overall repudiation rate was the same. Last year’s increase had been caused by highways claims linked to the effects of a very severe winter; the level of claims in 2019/20 had returned to prior levels. The Committee also sought and received clarification on the New Code of Practice – Well-Managed Highway Infrastructure, the specialist cyber policy, the claims related to Public Liability - Highway injury and the Local Government Association (LGA) Mutual.

Members requested to see the figures concerning the cost of highway property claims and the cost benefit analysis of taking insurance through the LGA Mutual.

            RESOLVED – That the content of the report be noted.

To consider a report of the Executive Member for Finance and Investment and Corporate Director, Finance and Systems.

The Executive Member for Finance and Investment and Corporate Director of Finance and Systems submitted a report which set out for Members’ information a summary of Treasury Management activities undertaken for the first half of 2019/20, with particular reference to debt activity, investment activity and adherence to prudential indicators. On the latter, it was noted that the Council complied with its legislative and regulatory requirements and that there were no breaches of prudential indicators. Officers highlighted that the Council had changed the Investment Strategy to allow investment in more ethical vehicles and complement the Council’s Asset Investment Strategy. An opportunity was provided for Members to raise issues in relation to the report’s content, which focussed on the Green Deposit Notice account. Officers explained that the Treasury Management team had opened a Green Deposit Notice Account to place an element of the Council’s temporary investments to support the lower carbon economy. Members sought and received clarification with regard to loan with high interest rates and early repayment penalty for Lobo Loans.  

The Committee requested further information on the Lobo Loan early repayment charge and a graph representing loans with high interest rates. Members also requested information on the type of investigation conducted and criteria utilised to conclude that the Green Deposit Notice account provided a form of “green” investment.

RESOLVED – That the details of Treasury Management activities undertaken for the first half of 2019/20 be noted.

To consider a report of the Audit and Assurance Manager.

The Audit and Assurance Manager submitted a report which set out for Members’ information a summary of the work of Audit and Assurance during the period April to August 2019 and provided ongoing assurance to the Council on the adequacy of its control environment. In discussing the content of the report, Members sought clarification on the joint procurement activity through STAR Procurement and the savings achieved, the timeline for the review of audit recommendations and the Council’s areas currently being reviewed by the Audit Team.

RESOLVED – That the content of the report be noted.

To consider a report of the Audit and Assurance Manager.

The Audit and Assurance Manager submitted for Members’ consideration a report which provided an update on the Council’s strategic risk environment, setting out developments relating to the management of each of the Council’s strategic risks. In reviewing the Register’s content, Members drew attention to the risk associated with records management and handling personal / sensitive information and responses to Freedom of Information Act requests.

Members requested that the Monitoring Officer attend the next meeting of the Committee.

RESOLVED – That the content of the report, and the issued raised, be noted.

To consider a report of the Audit and Assurance Manager.

The Audit and Assurance Manager submitted a report which gave details of the Committee's progress against its work plan for the current municipal year. In discussing the report, it was noted that at the next meeting of the Committee, in February 2020, Treasury Management training would be delivered and representatives of STAR Procurement would be in attendance to inform Members of the activity of the shared procurement service.

RESOLVED – That the content of the report, and progress against the programme, be noted.